The goal of Economics Academy 101 is
to provide videos, lesson plans and Web activities that
help students, through
hands-on activities, to understand both the role of economics
in our society and the role it plays in the “economic” world.
Students need an awareness of how they are affected by
the economy and how they, in turn, affect the economy. Economics Academy 101 is keyed to state social studies
standards for Grades 4 through 8.
Why Study Economics
“Economics deals with
problems; it concerns everyone and belongs to all.
It is the main
and proper study of every citizen.”… “The
common man is the sovereign consumer whose buying or
abstention from buying ultimately determines what should
and in what quantity and quality.”
We are the common man! We are
the consumer! We are “every
citizen!” But WHY should we study economics? Economics
helps us to understand the use of our resources — natural
resources, human resources and capital resources — to
help people acquire the things they need and want.
helps us understand how goods and services are provided
and acquired (supply and demand). Economics
us to understand the important concept of scarcity.
Scarcity is not having sufficient resources to produce
to fulfill unlimited things and services that we want.
is both “the science that deals with the
production, distribution and consumption of goods and
services, or the material welfare of humankind” (dictionary.com)
and financial considerations that we make individually
and collectively. The focus of this project is to look
at both aspects of economics in general (scarcity,
production, consumption, distribution and the market economy)
view economics with a historical perspective.